- Millions of transactions took place on the Polygon network as DEX volume also surged.
- MATIC reclaimed $0.84 but hit a resistance that pulled it back to $0.83.
- With increasing buying momentum, MATIC’s price may continue to rise.
Activity on the Polygon (MATIC) Proof-of-Stake (PoS) network has been surging, according to Sandeep Nailwal, Polygon Network’s co-founder. Nailwal also reported that 17 million transactions occurred on the network in just one day. Polygon Network’s co-founder also mentioned that the blockchain was able to generate $1.2 million in revenue for the stakers.
Polygon Network Comes to Life
Before Nailwal’s tweet, ‘Today In Polygon’, Polygon’s news source revealed what had transpired on the PoS network in the last seven days. The X account pointed out that Polygon PoS recorded a “new all time high in daily transactions with 16.4 million.”
According to Polygon’s news source, crypto exchange OKX has also been using the Polygon CDK to build an X1, a Layer 2 built on Ethereum. Today In Polygon’s post also mentioned that the Polygon PoS network hit $400 million, an eight month high in daily DEX volume. Meanwhile, the Polygon zkEVM Total Value Locked (TVL) jumped by 12% to $107 million over the last seven days.
While there were many developments that Polygon observed over the past seven days, the surge in TVL may imply that protocol participants have deposited more assets to be locked in Polygon, indicating confidence in the project. Like the TVL, the price of Polygon’s native token, MATIC, also experienced a spike.
MATIC Bulls Want More
At the time of writing, MATIC was priced at $0.84, reflecting a 7.16% spike over the last 24 hours, according to CoinMarketCap. Furthermore, the MATIC/USD 4-hour chart showed that strong support appeared at $0.80. The bulls immediately took advantage of this opportunity to increase the buying pressure, making the candlestick hit $0.84.
Meanwhile, there may have been some sort of resistance at $0.84, which pulled MATIC down to $0.83. However, the rejection may not be substantial enough to trigger a downtrend. One reason for this projection is the Relative Strength Index (RSI).
At the reported time, the RSI was positioned at the 47.36 level. It is also worth mentioning that, on November 17, the RSI reading was 33.31. This could mean that MATIC has been affected by a lot of selling pressure. So, the RSI reading mentioned above is a sign that buyers are slowly getting back into the market.
Also, bulls’ aim might be to at least push the RSI above the 50 midpoint. Since this has not yet been achieved, it is likely that the uptrend will continue. The Awesome Oscillator (AO) also seems to confirm this bias, as it was switching from a bearish momentum to a bullish one.
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